In a crowded and competitive field, ANZ’s leadership, innovation and unparalleled distribution network stood out as it executed a number of key and diverse transactions.
Among these was Origin Energy’s mammoth A$6.6bn (U$5.8bn) refinancing, Australia’s second-largest corporate loan and the country’s largest leveraged buyout this year, backing TPG’s acquisition of poultry producer Inghams.
ANZ has one of the largest syndications teams in the region with 42 dedicated syndicators in Melbourne, Sydney, Hong Kong, Singapore, Auckland, Taipei, Beijing, Tokyo and Mumbai.
ANZ has led Australia’s mandated lead arranger and bookrunner league tables, with nearly a third of the market in 21 deals worth US$6.1bn and is also the undisputed market leader in New Zealand after its acquisition of National Bank in 2003.
It has consistently topped the MLA and bookrunner tables since 2007. “It is important for ANZ to have a vibrant, strong and market-leading loan business. Our holistic approach has delivered,” said Christina Tonkin, MD, global loans.
ANZ’s ability to underwrite deals on a sole basis testified to its distribution capability in Australia and beyond. One innovative deal was a US$200m iron-ore prepayment facility with Fortescue Metals Group and commodities trader Noble Group. It was the first syndicated prepayment loan in Australia and ANZ was the sole underwriter.
ANZ Commodities will buy iron ore from Fortescue and sell it to Noble Group using a back-to-back agreement, and will be repaid from the delivery of 4.6m tonnes of iron ore over a two-year period. The structure allows Fortescue to treat the prepayment as a trade credit on its balance sheet rather than a financial debt.
ANZ also did other resource-related deals, including a US$550m loan for Glencore Xstrata and Sumitomo Corp to acquire Rio Tinto’s majority stake in the Clermont coal mine in Queensland and a A$255m seven-year project finacing for listed Cockatoo Coal’s expansion of its coking-coal mine in the Bowen Basis.
The bank was also the sole underwriter of a financing to back Taiwan-based Formosa Plastics’ US$1.15bn investment in the Western Australia iron-ore project of Fortescue and Baoshan Iron & Steel. These showed ANZ leveraging its Asian distribution to clinch inbound financing mandates.
“Our position in Asia is very important to our Australian business to bridge the gap in both markets, “said Sean Joseph, head of loan syndications in Australia.
In the corporate segment, ANZ was sole co-ordinating arranger and bookrunner for an increased A$1.4bn three-year syndicated performance bonding facility for Leighton Holdings, having fronted A$950m of it.
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